tag:blogger.com,1999:blog-9057225441101183394.post5840181687415819831..comments2024-03-22T21:02:55.051+13:00Comments on Bat, Bean, Beam: Like Uber, but for usuryGiovanni Tisohttp://www.blogger.com/profile/10618534731338616708noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-9057225441101183394.post-68967415049141047252016-02-02T13:24:20.912+13:002016-02-02T13:24:20.912+13:00The principal (see what I did there?) difference b...The principal (see what I did there?) difference between P2P lenders and banks is that the P2P folks are lending out money that they have in the first instance. Same story with loan sharks, and with family members or neighbours...can't lend what you don't already have on hand. Banks, on the other hand, have the inimitable superpower of privilege to create money out of nothing. When a phil.aznzhttps://www.blogger.com/profile/12257220412080751024noreply@blogger.comtag:blogger.com,1999:blog-9057225441101183394.post-48483302349490190382015-11-28T22:51:03.448+13:002015-11-28T22:51:03.448+13:00In response to your question about how harmoney wo...In response to your question about how harmoney works, I was interested and signed up for an investor account with the minimum deposit ($500). It works slightly differently to the squirrel money system.<br /><br />On Harmoney, they determine the risk associated with a loan, I presume by asking a whole bunch of questions and then putting it into an algorithm. Then the more risky people have to Harryhttp://www.harrychapman.nznoreply@blogger.comtag:blogger.com,1999:blog-9057225441101183394.post-57613019275423128512015-11-24T09:31:25.494+13:002015-11-24T09:31:25.494+13:00Ah, there you go: a commenter on Twitter has suppl...Ah, there you go: a commenter on Twitter has supplied the details of Squirrel Money, another peer to peer lender offering "a personal bidding system" based on the prevailing market rates. There's a great picture at the bottom of the home page (https://www.squirrelmoney.co.nz/) to show how this works. Nimish needs an engagement ring; Emily will lend at 12%. Michelle is expecting a Giovanni Tisohttps://www.blogger.com/profile/10618534731338616708noreply@blogger.comtag:blogger.com,1999:blog-9057225441101183394.post-91191530505145220832015-11-24T09:03:50.436+13:002015-11-24T09:03:50.436+13:00"In what sense is Harmoney different from a b..."In what sense is Harmoney different from a bank, really? They match depositors and lenders, but there are still external shareholders who need a profit."<br /><br />They match lenders and borrowers, you can't really deposit your money at Harmoney. But I don't know to what extent they differ. They are lower-tier lenders, on one hand, clearly a company geared towards instant Giovanni Tisohttps://www.blogger.com/profile/10618534731338616708noreply@blogger.comtag:blogger.com,1999:blog-9057225441101183394.post-54442678020188209272015-11-24T07:33:45.198+13:002015-11-24T07:33:45.198+13:00stephen's point 2 is striking - community/coll...stephen's point 2 is striking - community/collectives are actual peer-to-peer, without the vulture capitalists circling overhead.. <br /><br />Consumer Reports here in the USA says, <br />Credit unions<br />Why? They offer all of the services of a bank (and federal deposit insurance) but tend to charge considerably less for checking accounts and loans. And they generally pay higher interest Doughttps://www.blogger.com/profile/08804664920240872764noreply@blogger.comtag:blogger.com,1999:blog-9057225441101183394.post-77164939526584054732015-11-24T07:00:21.650+13:002015-11-24T07:00:21.650+13:00A couple of random thoughts.
1. In what sense is ...A couple of random thoughts.<br /><br />1. In what sense is Harmoney different from a bank, really? They match depositors and lenders, but there are still external shareholders who need a profit.<br /><br />2. Following on from that, credit unions, friendly societies and other not-for-profit/collective structures are more nearly "peer to peer", in that there are no external shareholdersstephenhttps://www.blogger.com/profile/04486889878636801969noreply@blogger.com